Measures not defined by IFRS

The company presents certain financial measures in the interim report that are not defined according to IFRS. The company is of the opinion that these measures provide valuable additional information for investors and the company’s management, as they facilitate an evaluation of the company’s presentation. Since not all companies calculate financial measures in the same way, these measures are not always comparable to those used by other companies. Consequently, these financial measures should not be regarded as a substitute for the measures defined according to IFRS. The tables below present the measures not defined according to IFRS and a reconciliation of the two sets of measures.

EBITDA and Adjusted EBITDA

The company has chosen to report the key financial measure EBITDA, since it shows the underlying result adjusted for the effect of depreciation/amortisation, which provides a more comparable profit measure over time, since depreciation/amortisation refers to historical investments. The company has also chosen to report the key financial measure Adjusted EBITDA to show the underlying result adjusted for the nonrecurring expenses that arose in connection with the preparations for the IPO. Expenses related to IPO preparations include expenses for the transition to IFRS reporting, internal risk projects, IR expenses and additional examination expenses from auditors, the exchange auditors’ examination expenses, attorneys’ expenses to qualify the company for a stock market listing, Nasdaq expenses, recruiting expenses for IR and new board members.

2018

2018

2018

2018

2018

2017

2017

2017

2017

2017

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Okt-Dec

Jan-Dec

(Amounts in SEK million)

Q1

Q2

Q3

Q4

Full year

Q1

Q2

Q3

Q4

Full year

EBITDA bridge

Operating profit

-11.5

-15.2

3.0

14.6

-9.1

13.0

-12.9

6.0

5.8

11.8

Amortisation of capitalised development expenses

-2.7

-2.8

-3.0

-2.9

-11.1

-1.9

-2.1

-2.3

-2.3

-8.5

Other depreciation

-0.7

-0.7

-0.7

-0.6

-2.7

-0.8

-0.9

-0.7

-0.9

-3.4

EBITDA

-8.1

-11.7

-6.7

18.1

4.7

15.7

-9.9

9.0

9.0

23.7

EBITDA margin (%)

-16.7%

-23.4%

12.3%

22.9%

2,0%

22.8%

24.6%

15.1%

13,0%

10,0%

Items affecting comparability

IPO-related expenses

–

–

–

–

–

–

–

–

–

–

Adjusted EBITDA

-8.1

-11.7

-6.7

18.1

4.7

15.7

-9.9

9.0

9.0

23.7

Adjusted EBITDA margin (%)

-16.7%

-23.4%

12.3%

22.9%

2,0%

22.8%

24.6%

15.1%

13,0%

10,0%

Operating profit (EBIT) and Adjusted EBIT

The company has chosen to report the key performance measure Adjusted EBIT, since it shows the underlying result adjusted for the nonrecurring expenses that arose in connection with the preparations for the IPO, which provides a more comparable profit measure over time. Expenses related to IPO preparations include expenses for the transition to IFRS reporting, internal risk projects, IR expenses and additional examination expenses from auditors, the exchange auditors’ examination expenses, attorneys’ expenses to qualify the company for a stock market listing, Nasdaq expenses, recruiting expenses for IR and new board members.

2018

2018

2018

2018

2018

2017

2017

2017

2017

2017

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Okt-Dec

Jan-Dec

(Amounts in SEK million)

Q1

Q2

Q3

Q4

Full year

Q1

Q2

Q3

Q4

Full year

EBIT bridge

Operating income

-11.5

-15.2

3.0

14.6

-9.1

13.0

-12.9

6.0

5.8

11.8

Items affecting comparability

Expenses related to IPO preparations

–

–

–

–

–

–

–

–

–

–

Adjusted EBIT

-11.5

-11.7

-6.7

18.1

4.7

13.0

-12.9

6.0

5.8

11.8

Adjusted EBIT margin (%)

-23.7%

-23.4%

12.3%

22.9%

2,0%

18.9%

-32.1%

10.0%

8.4%

5,0%

Equity/assets ratio

The company has chosen to report the key performance measure Adjusted equity/assets ratio, since it shows the company’s long-term solvency.

2018

2018

2018

2018

2018

2017

2017

2017

2017

2017

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Okt-Dec

Jan-Dec

(Amounts in SEK million)

Q1

Q2

Q3

Q4

Full year

Q1

Q2

Q3

Q4

Full year

Total assets

290.4

286.3

291.9

319.9

319.9

311.9

296.9

296.2

311.7

311.7

Equity

234.6

224.3

228.0

238.1

238.1

244.4

236.0

240.6

244.7

244.7

Equity/assets ratio (%)

80.8%

78.4%

78.1%

74,4%

74,4%

78.4%

79.5%

81.2%

78.5%

78.5%

Return on equity (ROE)

The company has chosen to report the key performance measure Return on equity (ROE), since it shows how effectively the company uses its assets to generate profits.

2018

2018

2018

2018

2018

2017

2017

2017

2017

2017

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Okt-Dec

Jan-Dec

(Amounts in SEK million)

Q1

Q2

Q3

Q4

Full year

Q1

Q2

Q3

Q4

Full year

Equity

234.6

224.3

291.9

238.1

238.1

244.4

236.0

240.6

244.7

244.7

Average adjusted equity

239.7

229.4

226.2

233

241.4

239.3

240.2

238.3

242.6

239.4

Profit for the period

-9.2%

-11.2

3.3

10.6

-6.6

10.3

-10.2

4.0

3.3

7.5

Return on equity (ROE)

-4.0%

-4.9%

1.5%

4,6%

-2,7%

4.3%

-4.2%

1.7%

1.3%

3.1%

Return on operating capital (ROOC), %

The company has chosen to report the key performance measure Return on working capital (ROOC), since it shows how much operating capital is tied up in operation and how efficiently the tied-up operating capital is being used.

2018

2018

2018

2018

2018

2017

2017

2017

2017

2017

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Okt-Dec

Jan-Dec

(Amounts in SEK million)

Q1

Q2

Q3

Q4

Full year

Q1

Q2

Q3

Q4

Full year

Current receivables

146.5

169.8

166.4

185.1

185.1

83.4

150.1

169,0

173.1

173.1

Cash and cash equivalents

99.9

69.3

76.6

93.1

93.1

194.5

105.6

85.5

97.7

97.7

Current liabilities

-55.5

-61.6

-63.9

-81.5

-81.5

-67

-60.6

-55.3

-66.7

-66.7

Operating capital

191.1

177.5

179.1

196.7

196.7

210.9

195,0

199.2

204.1

204.1

Average operating capital

197.5

184.2

178.4

188

188,0

280.8

203,0

197.1

201.6

277.4

EBIT

-11.5

-15.2

3

14.6

-9.1

13

-12.9

6,0

5.8

11.8

Return on operating capital (ROOC), %

-5.2%

-7.7%

1.9%

8,0%

-3,0%

4.7%

-6.2%

3.2%

3.2%

4.8%

Return on capital employed (ROCE), %

The company has chosen to report the key performance measure Return on capital employed (ROCE), since it shows the return on the total capital tied up in the operations.

The company has chosen to report the key performance measure Operating expenses, since it shows the expenses that are not directly related to the company’s goods or services. The company has chosen to report Operating expenses in relation to net sales in order to show how large a share of the costs are not directly related to goods or services.

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